The benchmark Philippine Stock Exchange index (PSEi) plunged over 2 percent on Thursday after investors sold off shares ahead of the long weekend and as news broke that Russian forces attacked Ukraine.
The PSEi fell 2.06 percent, or 151.98 points, to 7,212.23 while the broader all-shares index dropped 1.91 percent, or 75.01 points, to 3,842.85.
Major Asian indices also fell sharply after Russia President Vladimir Putin announced a military operation in Ukraine, drawing condemnation from global leaders and pushing oil prices above $100 a barrel, the highest on record since 2014, as major economies grappled with worsening inflation.
Thursday was the last trading day for the week as the Philippines celebrates today, Feb. 25, the anniversary of the People Power movement that successfully toppled the late dictator, Ferdinand Marcos, in 1986.
All PSE subsectors ended lower during the session save for mining and oil, which was lifted by investors fleeing to safe haven commodity assets.
Industrial stocks fell 2.85 percent, followed by property, down 2.60 percent, financials, down 1.94 percent, services, down 1.86 percent and holding firms, down 1.62 percent.
A total of 2.82 billion shares valued at P9.94 billion changed hands during the session.
The drop on Thursday was softened by an increase in foreign buying—their net purchases hitting P748.68 million.
A total of 168 companies ended lower while 43 gained and 34 closed unchanged, PSE data showed.
Metropolitan Bank & Trust Co. was the most actively traded on Thursday as it slipped 0.58 percent to P59.50 per share.
It was followed by International Container Terminal Services Inc., down 2.78 percent to P210; BDO Unibank Inc., down 3.49 percent to P130.10; and SM Prime Holdings Inc., down 2.56 percent to P38.